Allowed

Indian Overseas Bank v. Folis Allied Core Private Limited

DRT15 Jun 2023OA/285/2022

Case brief

AI extract

What is this about?

A Debt Recovery Tribunal allowed an Original Application filed by a bank for the recovery of loan dues, interest, and costs from defendants jointly and severally liability, issuing a Recovery Certificate.

What did the court decide?

Defendants held jointly and severally liable to pay total sum with interest; Recovery Certificate issued; bank entitled to proceed against properties and persons.

Indian Overseas Bank versus Folis Allied Core… — Contract and Commercial Disputes | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-I] AT HYDEMBAD DATED THIS THE 15TH DAY OF JUNE, 2023

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PRESENT: SH. RAMESHWAR KoTHE, B.com, L.LB. (Hons.), M.A. PRESIDING OFFICER

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oA. NO. 285 0F 2022

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Indian Overseas Bank R. P Road Branch Secunderabad

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Rep. by its Asst. General Manager

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....Applicant.

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Versus

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lvl/s. Folis A ied Core pvt. Ltd. Rep, by its Directors

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H. No. 12-11-171

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Brahmin Street, Warsiquda Secunderabad-500 06i_

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Also at: Plot No. 42, Tech park IDA Nacharam Hyderabad - 500 076.

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Shri Keshav Ramulu S/o Sri Keshav Bikshapathi Aged: Major, Occ: Business

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H. No. 12- 11- 171 Brahim Street, Warsiguda Secunderabad-500 061.

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Also at:

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PIot No.7, Chandragiri Colony Tirumalgiri, Secunderabad-5OO 015.

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/ffo,

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oA.28512022

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Shri Dhilipa^{Chandrasekhar Sarma} S/o Sri^{Narayana Sharma} Aged: Maior,^{Occ: Business} H. No. 12-730,^HanumanNagar Ramaqundam^Mandal GV S lncline, Karimnagar-sos²¹¹

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Also at:

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H. No. 12-11-171 Brahmin^{Street,Warsiguda} Secunderabad-^{500 061.}

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... .. Defendants.

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Counsel^{for the APPlicant} : Mr. Dishit^{Bhattacharjee.} : ExParte. Defendants

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:: qLLLB^::

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The Applicant^{Bank filed the presentoA for the recoveryof a} sum of Rs.1,95,8^{g,g42.34PsunderCashCredit Loan account} and Rs.22,07,458.50Ps,^{under Term LoanAccount, totallingto} Rs.z,17 ,g7 ,40O.84Ps,^{from the Defendantsjointly and severally} with future interest^{@10 80% p.a compoundedmonthly from} o1.04.2022 till the^{date of realisation along with costsand sale} of OA schedule Properties.

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The defendants^{1 and 2 were servedsummonsSummons sent} to 3'd defendant^{returnedunclaimed,hence deemedto be} served. The^{Defendantswere set exparteon 25 08 2022 as} called absent and^{no representation.}

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The Applicant^{Bank examined P. Jyothirmayee,Manager as AW-} 1 and marked 30^{documentsthroughher as Ex A lto Ex'} A3o /Yre

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oA.2Asl2O22

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Heard the Ld. Counsel for the Applicant Bank and perused the

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material placed on record.

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The point that arises for consideration is:-

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Whether the Applicant Bank is enti ed for the claim made in the OA against the Defendants and OA sciedute properties as prayed for?

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As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A.30 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are joinuy and severally liable to pay to the Applicant Bank the claim made in the OA with future interest and costs.

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In the resutt, the present Original Application No.285/2022 is allowed as under: -

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i) the Defendants are joinuy and severally liable to pay to the Applicant Bank a total sum of Rs.2,l7 ,97,4O0.94ps, i. e.,

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Rs.1,95,89,942.34ps under Cash Credit Account and Rs.22,07,458,50ps under Term Loan account along with interest @8.goo/o p.a. simple from the date of application till the date of realization;

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ii) the OA claim is secured by way of hypothecation/mortgage of properties described in the schedules annexed to the OA z\%,p U/^ltt:

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oA.28512022

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and the applicant^{bank is entitled to proceed} against the same^{to realise its dues;}

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iii) the Applicant Bank^{is also entitled to proceed} against the^person and^{properties of} defendants for realization^{of its dues;and}

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iv) the Applicant Bank^{is entitledfor the costs.}

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B. The Applicant Bank is directed to^{file Cost Memo within2 weeks} from the date of receipt of this order.

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Issue Recovery Certificate^accordingly.

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Communicate a coPY^{of this order} to the^pa rties concerned. (Dictated to the steno, corrected, signed^and pronounced by me in the open court on this the 15th day of June,^2023).

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?Wu"e (MMESHWAR KOTHE) PRESIDING OFFICER

Indian Overseas Bank v. Folis Allied Core Private Limited

Case brief

What is this about?

What did the court decide?

Indian Overseas Bank v. Folis Allied Core Private Limited

Case brief

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What did the court decide?

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